ACCOUNTING

assets

things of value that a person or company owns (like money, buildings, equipment)

expenditure

the total amount of money a person or company spends on goods, services, or bills

cost accounting

tracking or analysing how much it costs a company to make a product or provide services

liabilities

the money or debts that a company or a person owe to others

income

money that a business receives

bookkeeping

recording all financial transactions like money coming or going out of a business

tax recording

a specialised area of accounting focused on preparing or filling tax returns according to government rules

management accounting

using financial information to help managers and business leaders make important plans and business decisions

financial accounting

the process of preparing official reports for people outside the company such as investors and banks

auditing

an independent check and inspection of a company’s financial records to make sure they are honest, accurate and follow the law